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the debt ceiling. and these automatic spending cuts that take hold at the beginning of march. they want to use these opportunities. they don't think it's so bad to shut down the government or to default on the debt. they are even skeptical of the administration's estimates of when that will happen. so they see themselves really having very little leverage besides doing something which a lot of americans would consider extreme which is defaulting on the debt or shutting down the government. now i think it's virtually impossible that speaker john boehner will raise the debt ceiling without commensurate spending cuts. he's way too far out on a limb on that prospect. so it's going to be one of these huge battles its going to be something where one side has to blink first or the issues have to kind of meld together in a way that speaker boehner or president obama has a fig leaf in order to get this done. >> woodruff: jake, what about the president's argument today? he said this several times. he said this is not about we're doing the debt ceiling in order to authorize more spending
the debt ceiling. and these automatic spending cuts that take hold at the beginning of march. they want to use these opportunities. they don't think it's so bad to shut down the government or to default on the debt. they are even skeptical of the administration's estimates of when that will happen. so they see themselves really having very little leverage besides doing something which a lot of americans would consider extreme which is defaulting on the debt or shutting down the government. now...
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Jun 9, 2011
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as politicians look for ways to cut debt and raise the debt ceiling, the public are left wondering what happened to that elusive recovery? thank you for joining me, rana. what did happen to the recoverive? about this time last year we were hearing it was going to be good news, unemployment was going to get back on tracking and now things really do seem to have stalled. >> if you look at unemployment and housing there never was much of a recovery. unemployment never dipped below 9%. the housing market has been in the doldrums for some time. and they're keeping house prices compressed, and most americans keep most of their wealth in houses. >> yet we keep hearing about american companies doing terribly well and making big profits. >> yes. this is a fundamental disconnect in our economy. american companies are flush, they've got trillion yons on their blals sheets. but they don't want to spend it here, ne -- they want to put it in china and brazil, faster growing markets. >> one thing people have admired is that americans are so entrepreneural. they say we have facebook, twitter, and the g
as politicians look for ways to cut debt and raise the debt ceiling, the public are left wondering what happened to that elusive recovery? thank you for joining me, rana. what did happen to the recoverive? about this time last year we were hearing it was going to be good news, unemployment was going to get back on tracking and now things really do seem to have stalled. >> if you look at unemployment and housing there never was much of a recovery. unemployment never dipped below 9%. the...
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Jul 15, 2011
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today, president obama said time is running out to reach a deal and cut the deficit and debt ceiling. he stressed the consequences for all americans if an agreement is not reached before the looming august 2 deadline. >> congress has run up the credit card and we have an obligation to pay our bills. if we do not, we could have a whole set of adverse consequences. we could end up with a situation, for example, where interest rates rise for everybody throughout the country, affectively a tax increase on everybody. >> joining me to discuss where the negotiations stand is joe williams, white house reporter for politico. president obama is saying time is running out. are they any closer? >> they are close, but not closer. it is sort of a paradox. on the one hand, very hard negotiating positions, but the clock is also ticking. the time, is out there and everybody recognizes it, which is a far cry from where we were a week ago. we were scoffing at the fact that the debt ceiling, if it failed to get raised, it would have any consequences at all. you have the president giving announcements twi
today, president obama said time is running out to reach a deal and cut the deficit and debt ceiling. he stressed the consequences for all americans if an agreement is not reached before the looming august 2 deadline. >> congress has run up the credit card and we have an obligation to pay our bills. if we do not, we could have a whole set of adverse consequences. we could end up with a situation, for example, where interest rates rise for everybody throughout the country, affectively a...
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Jun 13, 2011
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if you can cut the deficit and deal with the impending debt problem with the debt ceiling, maybe that will provide the spark and remove one track from the economy. >> if there is not a trajectory in the right direction, obama's job could be in jeopardy. >> he has a huge problem on his hands and he has to get confidence back up quickly for him to get this going in the right direction. >> still to come on tonight's program, leaving the audience laughing. it is the goal of every stand-up comedian. >> the series a powerful earthquake has hit the new zealand city of christchurch almost four months after a tremor that killed almost 181 people. the quake-weary residents of christchurch have gone used to aftershocks, but none as strong as these. in the space of 20 minutes, the city was hit by two major tremors with the power to bring down buildings and spread fear and widespread panic. shopping centers were evacuated. schools were shut. worried residents tried to track down their loved ones on a phone network that was also badly disrupted. people here feel they are being terrorized by nature.
if you can cut the deficit and deal with the impending debt problem with the debt ceiling, maybe that will provide the spark and remove one track from the economy. >> if there is not a trajectory in the right direction, obama's job could be in jeopardy. >> he has a huge problem on his hands and he has to get confidence back up quickly for him to get this going in the right direction. >> still to come on tonight's program, leaving the audience laughing. it is the goal of every...
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Jan 8, 2013
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and instead it seems like the way it's playing out is the original debt ceiling fight, we got a bunch of cuts with no revenue. now, in this one we got a bunch of revenue with no cuts. now we'll come into the third round. after a year and a half of negotiating we may have a grand bare gain, it's just not a grand bargain that they actually struck all at once at the same able to. >> rose: so where do they move to now. the debt ceiling extension is, what, a month or so off. david, help me on this. is that what they have to address first or is this something else that must be addressed before you get to the debt ceiling extension question? >> the debt ceiling is likely to come first. the funny thing is at this point to some extent there aren't any external deadlines they absolutely have to meet. these are all created by washington. historically the debt ceiling was not an occasion for a big policy change. it became one in 2011, the republicans successfully made that happen. but they could easily extend the debt kreiling the way washington has in the past. in some ways the bigger thing is t
and instead it seems like the way it's playing out is the original debt ceiling fight, we got a bunch of cuts with no revenue. now, in this one we got a bunch of revenue with no cuts. now we'll come into the third round. after a year and a half of negotiating we may have a grand bare gain, it's just not a grand bargain that they actually struck all at once at the same able to. >> rose: so where do they move to now. the debt ceiling extension is, what, a month or so off. david, help me on...
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the debt ceiling. he stressed the consequences for all americans if an agreement is not reached before the august 2 deadline. >> congress has run up the credit card. we now have an obligation to pay our bills. if we do not, we could have a whole set of adverse consequences. we could end up with the situation where interest rates rise for everyone throughout the country. it would effectively be a tax increase on everybody. >> i am joined by the washington correspondent for "time" magazine. it it seems never mind how to solve the problem. they cannot even agree on what the consequences of a default might be. some republicans say the democrats are exaggerated. >> a thing 95% of people in america understand it is a bad thing to default on your debt. it is not just future debt. these are things we have already bought. we have used this money. we're now paying it off. it is like paying your credit card bill. not doing that is bad. every american understands that. the s&p is morning on a daily basis -- warnin
the debt ceiling. he stressed the consequences for all americans if an agreement is not reached before the august 2 deadline. >> congress has run up the credit card. we now have an obligation to pay our bills. if we do not, we could have a whole set of adverse consequences. we could end up with the situation where interest rates rise for everyone throughout the country. it would effectively be a tax increase on everybody. >> i am joined by the washington correspondent for...
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Apr 23, 2011
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the federal debt ceiling has to be raised because past spending and tax cut decisions have meant a lot of borrowing. and even if paul ryan's budget, the house republican patched in its entirety tomorrow, his budget calls for $7 trillion more federal debt than we have now. will they attach something to it to make people feel comfortable for voting for it? that something could be something that comes out of the gang of six. this bipartisan group in the senate. or this other group of six that vice president joe biden is leading. gwen: what do you think -- what do you think the republicans do when they -- when the campaign really starts in earnest? how will this change? what congress does and what they look at? >> well, i think that -- i think the campaign has started. and if you had any doubt, the tone -- the president's speech sounded to me like a campaign speech and when he went out this week he sounded like it. i think the republicans are going to have an interesting time when they get back to washington after the break. they've been out there and a number of them have been beaten up b
the federal debt ceiling has to be raised because past spending and tax cut decisions have meant a lot of borrowing. and even if paul ryan's budget, the house republican patched in its entirety tomorrow, his budget calls for $7 trillion more federal debt than we have now. will they attach something to it to make people feel comfortable for voting for it? that something could be something that comes out of the gang of six. this bipartisan group in the senate. or this other group of six that vice...
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May 31, 2011
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>> no, what i'm saying is any raise of the debt ceiling has to be pre-conditioned upon cuts that drive towards a real economic recovery and long-term growth and prosperity and job creation. the whole notion of just simply moving along and giving the white house a blank check is a complete non-starter. >> woodruff: picking up on that, congressman clyburn, we know that your colleague steny hoyer, the house democratic whip, has said that everything has to be on the table in these talks going on under vice president biden, including medicaid. is that something that you accept? >> let me remind listeners and watchers, judy, last november the democrats addressed medicare in the continuing resolution that we passed. and that continuing resolution had a $500 million cut in medicare. did not cut one dime out of medicare benefits. it cut $500 million out of the providers' side. so i think that we have demonstrated that we know how to address the medicare problems. we can do so without cutting one dime out of benefits. this thing of just cutting benefits, inflicting pain on seniors, is something
>> no, what i'm saying is any raise of the debt ceiling has to be pre-conditioned upon cuts that drive towards a real economic recovery and long-term growth and prosperity and job creation. the whole notion of just simply moving along and giving the white house a blank check is a complete non-starter. >> woodruff: picking up on that, congressman clyburn, we know that your colleague steny hoyer, the house democratic whip, has said that everything has to be on the table in these talks...
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this will lower the debt -- raise the debt ceiling by $2.40 trillion. this is a victory for republicans. they turned what was a routine vote into a crisis by insisting there would be no more borrowing without cutting back. >> this is a welcome change in behavior. i'd gladly support it. >> make no mistake, this is a change in behavior, from spend, spend, spend, to cut, cut, cut. >> now the democratic reaction. >> to be frank, almost everything else about this deal sphinx. it stinks to high heaven -- stinks. it stinks to high heaven. >> i drink a weak economy makes it hard for people to get excited -- i think a weak economy makes it hard for people to get excited about this president. >> was started as a series of local protests -- what started as a series of local protests has become a full-fledged wing of the republican party, insuring their main demand, a dramatic reduction in government spending, rocket did to the top of the republican agenda -- ensuring their main demand, a dramatic reduction in government spending, rocketed to the top of the republi
this will lower the debt -- raise the debt ceiling by $2.40 trillion. this is a victory for republicans. they turned what was a routine vote into a crisis by insisting there would be no more borrowing without cutting back. >> this is a welcome change in behavior. i'd gladly support it. >> make no mistake, this is a change in behavior, from spend, spend, spend, to cut, cut, cut. >> now the democratic reaction. >> to be frank, almost everything else about this deal sphinx....
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Jul 29, 2011
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the issues that are still up for negotiated is how long to extend the debt ceiling for. the president would like to go past the election. there is also the long term plan in terms of how we get our hands around our debt and deficit. most of those details in terms of the structure are beginning to come in place. i am optimistic that we can make a deal. >> republican approach brings us back here in a couple of months. is that something you think is good for the economy? >> well, what is good for the economy and the markets that they need to understand that we have a 5.4 trillion dollar problem. we are at a tipping point in terms of leverage. the world is at the same point. we need to start to the leverage over time. >> what do you think that of the polls and the rest of the world are making of this? is there a possibility that america's standing will be reduced internationally? >> there is concern. i had four african presidents for lunch yesterday at the council on foreign relations. there is concern about the apparent inability to make a deal. there is the confidence that
the issues that are still up for negotiated is how long to extend the debt ceiling for. the president would like to go past the election. there is also the long term plan in terms of how we get our hands around our debt and deficit. most of those details in terms of the structure are beginning to come in place. i am optimistic that we can make a deal. >> republican approach brings us back here in a couple of months. is that something you think is good for the economy? >> well, what...
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republicans have demanded major spending cuts as the price for increasing the debt ceiling. if there is no agreement, the government could default by early august. the main opposition party in greece has rejected the prime minister's call for more spending cuts to control the country's spiraling debt. the news today raised new concerns about europe's financial stability. and that, in turn, undercut any momentum on wall street. the dow jones industrial average lost 25 points to close at 12,356. the nasdaq fell more than 12 points to close at 2,746. the national transportation safety board has found no definitive cause for the plane crash that killed former senator ted stevens of alaska and four others last year. the report today said the pilot was "temporarily unresponsive" before the small plane went down near dillingham, alaska. it also said a warning system, which could have told him he was approaching a mountain, had been inhibited. there were no indications of mechanical problems, and toxicology reports ruled out drugs, though the pilot and his family had a history of st
republicans have demanded major spending cuts as the price for increasing the debt ceiling. if there is no agreement, the government could default by early august. the main opposition party in greece has rejected the prime minister's call for more spending cuts to control the country's spiraling debt. the news today raised new concerns about europe's financial stability. and that, in turn, undercut any momentum on wall street. the dow jones industrial average lost 25 points to close at 12,356....
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debt ceiling in a timely way would be self-defeating. gwen: plus we connect the dots at the pentagon. from the budget to libya to nato. covering the week, dan balz of "the washington post." james barnes of "national journal." michael duffy of "time" magazine. and nancy youssef of mcclatchy newspapers. >> award-winning reporting and analysis, covering history as it happens, live from our nation's capital, this is "washington week with gwen ifill." produced in association with "national journal." corporate funding for "washington week" is provided by -- >> we know why we're here. >> to give our war fighters every advantage. >> to deliver technologies that anticipate the future today. >> and help protect america everywhere. from the battle space to cyber space. >> around the globe the people of boeing are working together. to give our best for america's best. >> that's why we're here. >> corporate funding is also provided by prudential financial. additional funding for "washington week" is provided by the annenberg foundation, the corporati
debt ceiling in a timely way would be self-defeating. gwen: plus we connect the dots at the pentagon. from the budget to libya to nato. covering the week, dan balz of "the washington post." james barnes of "national journal." michael duffy of "time" magazine. and nancy youssef of mcclatchy newspapers. >> award-winning reporting and analysis, covering history as it happens, live from our nation's capital, this is "washington week with gwen ifill."...
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as the debt ceiling hovers over head? >>> plus governor jerry brown up close and personal. in an exclusive interview with pbs "newshour's" spencer michels. >> it drives me crazy when people say, you haven't done anything. should we cut the colleges more and pump it into the prisons? >> our spotlight on politics coming up next.
as the debt ceiling hovers over head? >>> plus governor jerry brown up close and personal. in an exclusive interview with pbs "newshour's" spencer michels. >> it drives me crazy when people say, you haven't done anything. should we cut the colleges more and pump it into the prisons? >> our spotlight on politics coming up next.
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and, secondly, to make sure that we're actually cutting more than we're raising the debt ceiling. those are themes that we've been consistent with throughout and within that framework i think there's been a great spirit of accommodation and trying to move forward. >> ifill: is there any across-the-aisle bipartisan conversation going on about this anymore? >> well, look, there's conversations, but they're largely conversations in passing. i think at this point. because the reality is i don't expect any house democrats to vote for this. i think the reality is this is something that speaker boehner and leader reid negotiated together until president obama voiced some objections to leader reid about this. so i think it's been happening at the level of leader reid, speaker boehner and now speaker boehner is planning to move it through the house with the support of his conference. >> ifill: we have heard today that the phones were jammed at the capitol with people in your constituents calling in. is that what you're hearing from your members as well? >> i think's a high level of expecta
and, secondly, to make sure that we're actually cutting more than we're raising the debt ceiling. those are themes that we've been consistent with throughout and within that framework i think there's been a great spirit of accommodation and trying to move forward. >> ifill: is there any across-the-aisle bipartisan conversation going on about this anymore? >> well, look, there's conversations, but they're largely conversations in passing. i think at this point. because the reality is...
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remember how they vowed they would only raise the debt ceiling by a dollar for every dollar cut in spending. now they said never mind. we'll push that down the road. the big fight will be on the sweeping spending cuts that go into effect march 1 and on the government funding that runs out on march 27. march is going to be the month to watch, and it's a month that could end in a government shutdown. >> ifill: is it the kind of fight the republicans want to have to redefine themselveses? >> i think they do. gwen, i think you have to know when to hold them and know when to fold them. yes, the republicans folded on this wise wisely. finally, i think they got some smart on this. you have to pick your fights. they need a breather now. they've been on the defense for a year on tax cuts for millionaires, on toughness, shutting down the government, they're not going to compromise. they need to recalbright here, a reset button needs to be pushed and it seems like in every aspect of government. and fight on future spending, not on obligations already incur. >> ifill: in the inaugural address this week
remember how they vowed they would only raise the debt ceiling by a dollar for every dollar cut in spending. now they said never mind. we'll push that down the road. the big fight will be on the sweeping spending cuts that go into effect march 1 and on the government funding that runs out on march 27. march is going to be the month to watch, and it's a month that could end in a government shutdown. >> ifill: is it the kind of fight the republicans want to have to redefine themselveses?...
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ceiling if the president agrees to negotiate spending cuts, as a way to end the shutdown. >> it's time for leadership. it's time for these negotiations and this conversation to begin. i would hope that the president would look at this as an opportunity and a good faith effort on our part to move half- way, half-way to what he's demanded, in order to have these conversations begin. >> reporter: boehner did not mention earlier demands to de- fund or delay the health care law as the price of passing a continuing resolution to fund the government. but, idaho congressman raul labrador-- a tea party republican-- suggested that issue is far from dead. >> we are actually giving him part of what he wants, which is a clean debt ceiling. we'll give him a clean debt ceiling for six weeks so he can negotiate on the issues of the debt. but when it comes to the continuing resolution, when it comes to dealing with obamacare, we're going to continue to hold our ground. >> reporter: up to now, the president has insisted he will negotiate only after house republicans reopen the government and lift the de
ceiling if the president agrees to negotiate spending cuts, as a way to end the shutdown. >> it's time for leadership. it's time for these negotiations and this conversation to begin. i would hope that the president would look at this as an opportunity and a good faith effort on our part to move half- way, half-way to what he's demanded, in order to have these conversations begin. >> reporter: boehner did not mention earlier demands to de- fund or delay the health care law as the...
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the government could reach the current debt ceiling by mid-february. ray nagin, the mayor of new orleans during hurricane katrina, has been indicted on charges for corruption. a federal grand jury accused him today of bribery, wire fraud, and money laundering while in office. nagin was the city's mayor from 2002 until 2010. two former new orleans officials and two businessmen have already pleaded guilty in the case. u.s. attorney general eric holder today defended president obama's moves to curb gun violence. the president signed 23 executive orders this week, calling for such things as more research into gun violence. today, in washington, holder told the u.s. conference of mayors that there's no question the orders are legal. >> now let me be very clear. let me be very clear. not one of these executive orders contrary to what a few have said impinges upon anyone's second amendment rights or are inconsistent with the historical use of executive power. >> sreenivasan: some republicans have charged the president's executive action improperly bypassed co
the government could reach the current debt ceiling by mid-february. ray nagin, the mayor of new orleans during hurricane katrina, has been indicted on charges for corruption. a federal grand jury accused him today of bribery, wire fraud, and money laundering while in office. nagin was the city's mayor from 2002 until 2010. two former new orleans officials and two businessmen have already pleaded guilty in the case. u.s. attorney general eric holder today defended president obama's moves to...
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president obama met monday with senate leaders from both parties, on raising the national debt ceiling. republicans insisted again today they will not accept tax hikes. texas senator john cornyn warned democrats will pay the price unless they accept huge spending cuts. >> obviously if it's possible to deal with the spending problem and the entitlement reforms, that's our first choice but if the president and his party refuse to do the right thing, then in the senate they're going to be required to vote to raise the debt limit. we'll have a referendum in 2012 on that decision. >> sreenivasan: in turn, democratic majority leader harry reid criticized several republican presidential candidates for suggesting the issue is not so urgent. >> i think everyone needs to do a better job of explaining to the american people what it means to raise the debt ceiling. what the american people seem to think-- and i can understand why they would think that, but it's wrong-- that this means just more spending. all that raising the debt ceiling does is indicate we're going to pay our bills. we already ac
president obama met monday with senate leaders from both parties, on raising the national debt ceiling. republicans insisted again today they will not accept tax hikes. texas senator john cornyn warned democrats will pay the price unless they accept huge spending cuts. >> obviously if it's possible to deal with the spending problem and the entitlement reforms, that's our first choice but if the president and his party refuse to do the right thing, then in the senate they're going to be...
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senate democrats said they will introduce a debt ceiling bill this week with no other provisions attached. house republicans have said they want spending cuts and other add-ons included. >> woodruff: for the latest on what is happening behind the scenes, we turn to robert costa. he is the washington editor for the "national review," and joins me from capitol hill. robert, welcome to the program. what is the latest? what are you hearing right now? >> house republican leaders huddled today at the capitol and still remain undecided about the path forward, even if the clock ticks with the debt limit approaching. this moans republicans really aren't ready to come up with a negotiation with president obamand are not sure of the path ahead. that means the impasse continues. >> woodruff: we are hearing as kwame just reported, the white hou is sending the signal that they are prepared to accept a short term increase in the debt ceiling. that's something they were not willing to accept before. what are your republican sources saying about that? >> my sources close to the leadership, judy, tell me t
senate democrats said they will introduce a debt ceiling bill this week with no other provisions attached. house republicans have said they want spending cuts and other add-ons included. >> woodruff: for the latest on what is happening behind the scenes, we turn to robert costa. he is the washington editor for the "national review," and joins me from capitol hill. robert, welcome to the program. what is the latest? what are you hearing right now? >> house republican...
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budget proposed in the recent debt-ceiling deal. and find updates on the fighting in libya on our world page. all that and more is on our web site: newshour.pbs.org. >> brown: and again to our honor roll of american service personnel killed in the iraq and afghanistan conflicts. we add them as their deaths are made official and photographs become available. here, in silence, are eight more. >> brown: that last photograph was hospital-man riley gallinger long. when we reported his death last week, we mistakenly identified his branch of service as the united states army. he served in the u.s. navy. we regret the error. >> suarez: and that's the "newshour" for tonight. on tuesday, we'll update the rebellion in libya. i'm ray suarez. >> brown: and i'm jeffrey brown. we'll see you online and again here tomorrow evening. thank you and good night. major funding for the pbs newshour has been provided by: and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21s
budget proposed in the recent debt-ceiling deal. and find updates on the fighting in libya on our world page. all that and more is on our web site: newshour.pbs.org. >> brown: and again to our honor roll of american service personnel killed in the iraq and afghanistan conflicts. we add them as their deaths are made official and photographs become available. here, in silence, are eight more. >> brown: that last photograph was hospital-man riley gallinger long. when we reported his...
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. >> reporter: but if further debt cuts can't be agreed to and the us looks like it'll hit its debt ceiling? >> then there could be some uncertainty embedded into the bond market which might cause yields to rise. in other words, foreign investors or domestic investors might feel concern about what's happening down in d.c. and might start to charge a premium to buy securities. >> reporter: house majority leader john boehner puts it bluntly. >> we do not want to default on our debt. we should not default on our debt. these are obligations of the federal government. and i think not raising the debt limit would have very serious implications for the worldwide economy as well as jobs here in america. but having said that, we're just not going to do the typical washington thing, roll over, increase the debt limit, without addressing the underlying problem. >> reporter: and if the limit isn't increased? >> now here's what really would happen. >> reporter: j.p. morgan c.e.o. jamie dimon. >> every single company with treasuries, every insurance fund, every requirement, it'll start snowballing. autom
. >> reporter: but if further debt cuts can't be agreed to and the us looks like it'll hit its debt ceiling? >> then there could be some uncertainty embedded into the bond market which might cause yields to rise. in other words, foreign investors or domestic investors might feel concern about what's happening down in d.c. and might start to charge a premium to buy securities. >> reporter: house majority leader john boehner puts it bluntly. >> we do not want to default on...
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that were part of the resolution to the debt ceiling stalemate last year and argues they have since worked in the house to protect defense spending from being cut. >> i think we need to remember that we are right at the precipice of an economic serious situation because of reaching the debt limit. we've acted and led. i actually amended the national defense authorization act with an amendment that would stop sequestration if it would be acted upon in the senate. >> reporter: his democratic opponent is a successful entrepreneur and philanthropist. he says he wouldn't have voted for the debt deal that triggers the cuts but would have pushed for other cost-cutting strategies like negotiating for better medicare drug prices and ending tax cuts for those making more than a million dollars. >> it's going to take dproms. that's not a dirty word when it comes to making sure that we don't hurt and cripple our economy in hampton roads. >> reporter: the automatic cuts are not a sure thing if congress in a lame duck session can come to an agreement. each side is using the spat to make political
that were part of the resolution to the debt ceiling stalemate last year and argues they have since worked in the house to protect defense spending from being cut. >> i think we need to remember that we are right at the precipice of an economic serious situation because of reaching the debt limit. we've acted and led. i actually amended the national defense authorization act with an amendment that would stop sequestration if it would be acted upon in the senate. >> reporter: his...
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congress has until october 17th to raise the government's debt ceiling, or face national default. that's prompted growing speculation that lawmakers could try to merge the two issues in a renewed quest for a grand bargain. speaker boehner said today republicans will insist on spending cuts if they're going to vote to raise the borrowing limit. >> i don't believe that we should default on our debt. it's not good for our country. but after 55 years of spending more than what you bring in, something ought to be addressed. this year we'll have more revenue than any year in the history of our country and yet still have a nearly $700 billion deficit. and i think the american people expect if we're going to raise the amount of money we can borrow, we ought to do something about our spending problem and the lack of economic growth in our country. >> reporter: for his part, president obama said again he'd be willing to negotiate on spending cuts and other issues, but only after the government reopens. in the meantime, the president, citing the shutdown and the debt ceiling fight, canceled
congress has until october 17th to raise the government's debt ceiling, or face national default. that's prompted growing speculation that lawmakers could try to merge the two issues in a renewed quest for a grand bargain. speaker boehner said today republicans will insist on spending cuts if they're going to vote to raise the borrowing limit. >> i don't believe that we should default on our debt. it's not good for our country. but after 55 years of spending more than what you bring in,...
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lawmakers agreed to those cuts as part of last year's deal to raise the debt ceiling. the romney campaign today called the president's proposal a political statement that would hurt, rather than help, taxpayers. romney spokesperson andrea saul said in a statement: other republicans offered a similar critique in advance of the president's remarks. senate republican leader mitch mcconnell told cnn the president's plan could make a bad problem worse. >> and we have got the fiscal cliff coming at the end of the year. you know, what we ought to be doing is extend the current tax rates for another year with a hard requirement to get through comprehensive tax reform one more time. >> ifill: both campaigns are appealing to middle class pocketbooks at the same time they are adding record sums to their campaign coffers. romney and the republican national committee reported raising $106 million last month, outstripping the president and the democrats, who pulled in $71 million. outside fundraising groups are raising and spending millions more. all those dollar signs add up to a d
lawmakers agreed to those cuts as part of last year's deal to raise the debt ceiling. the romney campaign today called the president's proposal a political statement that would hurt, rather than help, taxpayers. romney spokesperson andrea saul said in a statement: other republicans offered a similar critique in advance of the president's remarks. senate republican leader mitch mcconnell told cnn the president's plan could make a bad problem worse. >> and we have got the fiscal cliff...
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Feb 18, 2012
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that's when the bush tax cuts expire. it's when the debt ceiling has to be raised, everything. but that's after the election. in other words, there are no more confrontations scheduled between now and then legislatively where the administration can be held hostage as republicans did hold them hostage last summer and the administration looked weak in the process. >> woodruff: what does that mean for want rest of the year in the congress? >> well, i've asked that question up in congress whether they're going to do anything the rest of this year. i think you're correct that now the last confrontation has ended, i'm not sure-- i think the leadership, the democratic leadership is going to be fairly partisan. they're going to try to find vulnerabilities that highlight romney's weaknesses. the republican policy committee, i was up there talking to some of those people-- they're doing the same. so we've entered, i think, a strategic chess game in the congress about what comes next. no one thinks we're gog resolve these issues, but everyone thinks that immediately after the election in
that's when the bush tax cuts expire. it's when the debt ceiling has to be raised, everything. but that's after the election. in other words, there are no more confrontations scheduled between now and then legislatively where the administration can be held hostage as republicans did hold them hostage last summer and the administration looked weak in the process. >> woodruff: what does that mean for want rest of the year in the congress? >> well, i've asked that question up in...
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. >> suarez: the president had previously insisted on extending the debt ceiling through 2012 past next year's election. but after thursday's talks, he settled for asking congressional leaders to review three options with their members. the first-- the so-called "grand bargain" that mr. obama favors-- would cut deficits by about $4 trillion dollars, including spending cuts and new tax revenues. a medium-range plan would aim to reduce the deficit by about half that amount. the smallest option would cut between $1 trillion and $1.5 trillion dollars without increased tax revenue or any medicare and medicaid cuts. but after a closed-door caucus at the capitol, house republicans sounded in no mood to pick one of those options. >> quite frankly, members of congress are getting tired of what won't do and what the president wants. >> suarez: speaker john boehner tried to leave the door open to compromise, but he complained the president and congressional democrats had offered nothing worth considering. >> i don't want to preclude any chance of coming to an agreement. but they've been unwilling
. >> suarez: the president had previously insisted on extending the debt ceiling through 2012 past next year's election. but after thursday's talks, he settled for asking congressional leaders to review three options with their members. the first-- the so-called "grand bargain" that mr. obama favors-- would cut deficits by about $4 trillion dollars, including spending cuts and new tax revenues. a medium-range plan would aim to reduce the deficit by about half that amount. the...
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in the meantime, the two sides remain at odds over raising the federal debt ceiling which sets a limit on government borrowing. house majority leader eric cantor said today that any action on that issue must be accompanied by meaningful fiscal reforms that immediately reduce federal spending. both sides pledged sunday not to play politics with the debt ceiling. >> congress is going to have to raise the debt limit. they understand that. that's absolutely essential to preserve the credit worthiness of the united states of america. >> nobody wants to play around with the country's credit rating. nobody wants to see default happening. >> woodruff: the federal government is expected to reach its borrowing limit as early as mid may. for a closer look now at the financial for a closer look now at the financial and political impact this story had today-- and may have beyond-- we turn to two people. nick perna watches the markets and many other economic issues as the managing director of perna associates, a consulting firm. and james politi, a reporter with the "financial times" here in washing
in the meantime, the two sides remain at odds over raising the federal debt ceiling which sets a limit on government borrowing. house majority leader eric cantor said today that any action on that issue must be accompanied by meaningful fiscal reforms that immediately reduce federal spending. both sides pledged sunday not to play politics with the debt ceiling. >> congress is going to have to raise the debt limit. they understand that. that's absolutely essential to preserve the credit...
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. >> reporter: the government is expected to hit the $14.3 trillion debt ceiling no later than may 16. treasury secretary timothy geithner has said he can keep the country out of default until august 2 through a series of accounting maneuvers. but that gives lawmakers less than three months to broker a difficult deal. just how difficult was on full display today. president obama and most democrats favor tax increases as part of any deficit reduction package. but on nbc this morning speaker boehner said republicans are willing to look at any ideas except that one. >> as you sit here today, raising taxes, that's a non-starter. >> it is off the table. everything else is on the table. >> reporter: but among democrats senate majority harry reid sporting injuries from a recent fall said it's really unfair to rule out tax changes. >> we shouldn't be drawing lines in the sand. we should be willing to work together. and the fair way to do that is to cut spending. we know we have to do that. but also to make the tax code a little more fair. i think rather than drawing lines in the sand, that's
. >> reporter: the government is expected to hit the $14.3 trillion debt ceiling no later than may 16. treasury secretary timothy geithner has said he can keep the country out of default until august 2 through a series of accounting maneuvers. but that gives lawmakers less than three months to broker a difficult deal. just how difficult was on full display today. president obama and most democrats favor tax increases as part of any deficit reduction package. but on nbc this morning...